Wash. Trust net income ?up 18 percent in 1Q

WESTERLY – Washington Trust Bancorp Inc. last week announced a net income increase of 18.4 percent in the first quarter from the same period last year.

Washington Trust Bancorp, parent of The Washington Trust Co., reported net income of $11 million, or 65 cents per diluted share, compared with net income of $9.3 million and earnings per diluted share of 55 cents in the 2014 first quarter.

While an increase from the same period a year earlier, the profit was a 1.6 percent decrease from the fourth quarter of last year, according to the bank.

Washington Trust ended 2014 with four consecutive quarters of record-breaking net income and earnings per share, according to the bank. In March, the bank declared a quarterly dividend of 34 cents per share, representing a 2 cents per share increase from the previous quarter and a 5 cents per share increase from the year-earlier period.

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Total interest and noninterest income fell 7 percent to $45.3 million from the same period a year earlier, the result in part from a drop off in merchant processing fees – $1.3 million – and gains on sale of a business line worth $6.3 million. Last March, Washington Trust sold its merchant credit card services to the payment processing company Vantiv.

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